Banks and bitcoins

[wilbur]

Is it possible in the near future to deposit bitcoin into banks?

I mean bitcoin as it is not being converted into fiat. What maybe the instances that will trigger this scenario

[truemeng]

It's possible but not probable for now. IMO

Banks depend on Statutory and governing laws.

and countries as of today have not yet developed or passed any specific legislation to the cryptocurrencies. Some are even banning the trading and conversion to fiat.

[wilbur]

I agree with you,

In addition, one of the reason why it can not still be implemented is because bitcoin is not yet regulated

[truemeng]

also, price of bitcoin is a big factor.. 

for banks to "sell" bitcoins would likely mean that they would hold a huge amount of it. but then again, its high Price volatility would be a big risk.

Banks will never invest on something that would have a big potential for losses.

[Kate]

Maybe in the future once bitcoin will be realized by every one in this earth then maybe we can do that  

[wilbur]

43 minutes ago, Kate said:

Maybe in the future once bitcoin will be realized by every one in this earth then maybe we can do that  

even though it is highly volatile? not regulated? no law about this coin? huehuehue :D

[Kate]

 

5 minutes ago, wilbur said:

even though it is highly volatile? not regulated? no law about this coin? huehuehue

Dont think that it being volatile will be a problem i guess. And law also wont affect this. Since bitcoin is an investment and banks can immediately sell the btc they get for cash so they dont loose the value at what it was bought or gotten by the depositer

[wry]

Doesn't this sort of defeat the purpose of bitcoin - "be your own bank"?  Depending on where you live you can deposit it into an exchange that allows you to convert it to your preferred government issued money, that seems to serve the same function as banking in a bitcoin denominated account.

If banks took Bitcoin in Bitcoin it would allow fractional reserve banking in Bitcoin which would be interesting.  That would be profitable for banks, and could be the motivation for them to start accepting it.